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Forex Indicator “Tail_Bar”

As you know, the stars demonstrate the beginning of the reversal of price. But sometimes instead of stars a candle can be formed with very unbalanced “tails”, which also demonstrates the struggle between “bulls” and “bears”.

This indicator is applied for showing the difference between the stars and candles. If the upper tail is higher than the lower tail, then there will be a bar above zero on the histogram. If the lower tail is longer than the upper tail, then the bar will be at the bottom of the histogram, respectively. The amplitude of the bars demonstrates the difference between the tails. And the greater this difference is, the bigger the sign of a reversal of price or the trend end. If several consecutive bars appear on the histogram in one direction with large amplitude, it is even more striking feature.

First this indicator was implemented in MQL4 and was published in CodeBase on the 31st of March, 2014.